A little more than three months after assuming his post, the president of Toyota, the world’s biggest automaker, recited a long list of mea culpas to astonished reporters at the Japan National Press Club.

He expressed grief over a fatal crash that led to a recall of 3.8 million cars, regrets about an expected second consecutive annual loss and sorrow over the decision to close the company’s first American factory in California.

Further, Mr. Toyoda said his company was shamefully unprepared for the global economic crisis that has devastated the auto industry, and is a step away from “capitulation to irrelevance or death.”The company, he added, is “grasping for salvation.”

We are heartbroken for those who have lost loved ones due to the faulty vehicles, and stunned by this major fail on the part of Toyota. We don’t make cars or run companies, but something about Toyoda’s commitment to accountability, humility and shame resonates with us, makes us believe such a disaster will not happen again.